# Table 3: Demographics → Capital Deepening


## Capital Deepening Growth (Δlog K/L)

| Model | N | R² | Z₁ | Z₂ | Z₃ |
|-------|---|-----|-----|-----|-----|
| Capital Deepening Growth (Δlog K/L): Z | 4146 | 0.0217 | -0.0405 | 0.0095 | -0.0005 |
| Capital Deepening Growth (Δlog K/L): OADR | 4146 | 0.0127 |  |  |  |
| Capital Deepening Growth (Δlog K/L): Z×KAOPEN | 4146 | 0.0377 | -0.0588 | 0.0132 | -0.0007** |
| Capital Deepening Growth (Δlog K/L): Z+NFA | 4146 | 0.0265 | -0.0517 | 0.0114 | -0.0006* |


## Investment/GDP

| Model | N | R² | Z₁ | Z₂ | Z₃ |
|-------|---|-----|-----|-----|-----|
| Investment/GDP: Z | 3552 | 0.0684 | 38.5122*** | -4.4167** | 0.1406* |
| Investment/GDP: OADR | 3552 | 0.0079 |  |  |  |
| Investment/GDP: Z×KAOPEN | 3552 | 0.0821 | 36.4162** | -3.9389* | 0.1153 |
| Investment/GDP: Z+NFA | 3552 | 0.0711 | 37.1031*** | -4.1907** | 0.1309 |


## TFP Growth (Δlog TFP)

| Model | N | R² | Z₁ | Z₂ | Z₃ |
|-------|---|-----|-----|-----|-----|
| TFP Growth (Δlog TFP): Z | 2888 | 0.0173 | -0.1104 | 0.0156 | -0.0006 |
| TFP Growth (Δlog TFP): OADR | 2888 | 0.0171 |  |  |  |
| TFP Growth (Δlog TFP): Z×KAOPEN | 2888 | 0.0191 | -0.1219 | 0.0169 | -0.0006 |
| TFP Growth (Δlog TFP): Z+NFA | 2888 | 0.0180 | -0.1210 | 0.0173 | -0.0007 |


## MPK Proxy

| Model | N | R² | Z₁ | Z₂ | Z₃ |
|-------|---|-----|-----|-----|-----|
| MPK Proxy: Z | 3321 | -0.4157 | -0.3586*** | 0.0336 | -0.0012 |
| MPK Proxy: OADR | 3321 | -0.7093 |  |  |  |
| MPK Proxy: Z×KAOPEN | 3321 | -0.4123 | -0.4024*** | 0.0405* | -0.0014 |
| MPK Proxy: Z+NFA | 3321 | -0.4134 | -0.3624*** | 0.0342* | -0.0012 |


## Capital-Output Ratio

| Model | N | R² | Z₁ | Z₂ | Z₃ |
|-------|---|-----|-----|-----|-----|
| Capital-Output Ratio: Z | 4223 | -0.4120 | 1.8549 | 0.1627 | -0.0089 |
| Capital-Output Ratio: OADR | 4223 | -0.7267 |  |  |  |
| Capital-Output Ratio: Z×KAOPEN | 4223 | -0.3980 | 2.2435 | 0.0732 | -0.0041 |
| Capital-Output Ratio: Z+NFA | 4223 | -0.4084 | 2.0347 | 0.1343 | -0.0077 |


## Savings vs. External Channel

| Channel | N | R² | Z₁ | Z₂ | Z₃ |
|---------|---|-----|-----|-----|-----|
| Decomposition: Domestic Savings/GDP | 3696 | 0.2782 | 39.6529** | -6.2897** | 0.2427* |
| Decomposition: Current Account/GDP | 4133 | 0.1918 | 6.3738 | -0.7728 | 0.0247 |

*p<0.1, **p<0.05, ***p<0.01
